Amy Weaver: Great. Thanks for the question, Karl. There is certainly an increasing focus on GAAP margins, and in particular, on adding back stock-based compensation into our non-GAAP operating margin. I spent quite a bit of time in Europe meeting with investors in January. And in Europe, that is the first thing that everyone does. So very much top of mind. Our stock-based compensation for last year was just over 10%. We plan to drive that below 9% this year. And we’re getting — there are 2 of key levers there. One is that we’re actually burning through a lot of the stuff that came with some of the M&A we’ve done in recent years. So that is rolling through our system in the way that’s going to help drive the numbers down. The others are changes at our Compensation Committee has been making very thoughtfully to how we grant equity and the form of equity that we grant.
So we’ll have more coming up on that as we get into proxy season, but I see this going well over the next few years. .
Operator: Your last question comes from the line of Sarah Hindlian-Bowler with Macquarie Capital.
Sarah Hindlian-Bowler: Congratulations to the entire team on an Oscar-worthy quarter. Karl really did a great job of asking the stock-based compensation question I was going to ask. So I’d like to pivot a little bit back towards maybe getting your understanding of the macro environment that helped you build your outward guidance. Brian, maybe this is a question for you in terms of getting a sense for where you saw points of stickiness or points of disruption or otherwise within your various vertical categories.
Brian Millham: Yes. Thank you, Sarah. Appreciate the question. And yes, we are in a measured buying environment. There’s no doubt about it. And the impact of that are things like elongated sales cycles and multiple layers of approvals that we’re facing and maybe even some shrinking deal sizes. One of the nice things we’ve done, though, is to make sure we’re training our people to navigate those headwinds that we’ve got in the market to go execute better. We saw that happen in Q4, and we’ll see that happen in fiscal year ’24. On the industry side, and maybe even the segment side, in our SMB market, economic headwinds tend to hit that a little bit harder. And so we saw some headwinds in our SMB market. Some of the self-serve strategies and motions that we have for Slack were impacted by the economic headwinds.
And then from an industry perspective, we actually saw a lot of strength in industries around public sector, manufacturing, engineering — excuse me, energy and travel hospitality was a strength for us in the quarter. Some areas that we continue to see headwinds in technology is probably not a surprise to anybody, and also financial services were a bit of a headwind for us in the quarter but have a lot of belief that we can turn that around in FY ’24. So Sarah, thank you so much for the question. Appreciate it.
Michael Spencer: Okay. Thanks, Sarah, and thanks, everyone, for joining us today. We appreciate everyone taking the time and look forward to seeing everyone over the coming several weeks. Thanks.
Brian Millham: Thanks, all.
Marc Benioff: Aloha.
Operator: This concludes today’s conference call. Thank you for attending. You may now disconnect.
